Hello
and Welcome to Medi8tor,
Medi8tor
is an entertainment blog that stresses the importance of balance for
entertainers, and entertainment professionals while seeking to foster
understanding between entertainment professionals and entertainment consumers.
Today we will be examining experts in specific fields who have developed unique
ideas into viable businesses. However such feats would be impossible without
these experts painting the picture of a business idea clearly, concisely, and
strategically. The following two experts have mastered this skill.
One of them started their career with acclaimed director
Steven Spielberg, and was ranked #31 on Entertainment Weekly’s “The 50 Smartest
People in Hollywood” in 2007. Currently she is now the co-chairman of
“Lucasfilm” with acclaimed director George Lucas aka Mr. Star Wars.
The other industry expert is a person who brings human
decency and dignity into the banking world, through the Grameen Bank meaning
‘village bank.’ The greatest achievement about this dynamic institution is that
it has the highest recovery rate of any other banking institution in the world.
Ladies First,
The Producing Phenomenon- Kathleen Kennedy.
According to IMDB Kathleen Kennedy was born in Berkeley
California on June 5th 1953. She attended San Diego State University
where she majored in film and telecommunications. She has been married for 26
years, has 2 children, and is known in the film industry for producing films
with Steven Spielberg. Although Kathleen was originally hired by Steven
Spielberg as his secretary/assistant she ended up working as a producer on the
low-budget, now infamous classic, E.T. the Extra-Terrestrial. In addition
Kathleen also produced such iconic films as Schindler’s List, Jurassic Park, and
Munich. Kathleen
Kennedy’s expertise in the film industry teaches us that potential investors
look for the following in business plans:
1.)
Concrete solutions to issues that arise suddenly.
Stacey
Snider, a DreamWorks CEO recalls that during Jurassic Park Kathleen Kennedy and
Steven Spielberg almost pulled the plug on the blockbuster, due to the looming
18 million dollar cost to make the film and the fact that they all hated the
script. Snider is quoted as saying:
"I was in New York, and my phone rang, and as my foot stepped into
the crosswalk, Kath said: 'Steven and [director Joe Johnston]
aren't happy with the script. We're going to pull the plug.' And by the time I
got to the other side of this wide boulevard, she had told me what the plan
was, how the $18 million would be rendered productive, how they would fix the
script and restart the movie. It was from one curb to the other -- something
horrible happened, and there was a solution." (Hollywood Reporter, 2013, Pg.
2.)
The
significance of this story is that in your business plan investors would like
to have a glimpse of how your mind works when solving conflicts and issues.
They want to be assured that you have a knack for risk analysis, are quickly
able to assess issues, and are able to find an applicable solution, construct a
plan, and execute those solutions effectively.
2.)
Demonstrate a passion, a specific expertise, and a proven track record.
When
Kathleen’s husband, producer and director Frank Marshall, recalls first meeting
his future wife in an interview with the Hollywood Reporter he is quoted as
saying "She was very cute and very efficient and energetic about making movies. I had never though I'd find someone who liked to make movies as much as I did."
This
quote illustrates that although you may be inexperienced or still getting your
bearings in the field that you are writing a business plan for, you can still
be successful if you have the three elements listed above. Even though she was
“green” in the film industry, at 26-years old Kathleen’s passion for film was
evident to everyone. Consequently it was also that passion that pushed her
through her inexperience and intimidation when she produced her first film.
Kathleen recalls in an interview with The Hollywood Reporter, that she threw up
every weekend while working on E.T. Fortunately the film became a major hit
when it was released, but without Kathleen’s passion, and her specific decision
to commit to learning and gaining expertise in film, she would not have
garnered a proven track for films that were well crafted, and highly profitable
stories. The moral of this story is to portray passion, display the mastery of
what you do understand about your given industry, as well as highlight any
success that you have had in your field to attract and engage investors with
your business plan.
3.)
Have ambitions to be a game changer and active participant in your industry,
not only within your individual business entity, but outside of it as well.
Kathleen
is not merely in Hollywood to make profitable movies and get rich. Instead, she
wants to change the landscape, expectations, and contributions of producers in
Hollywood. She was the President of the Producers Guild in America from
2002-2006. While there she tackled such issues as: producers being entitled to
their credits, and proper etiquette at award ceremonies. Throughout the
industry she is known as being a “good citizen” in Hollywood, as well as being
grounded, well liked, well respected, and firm when necessary. (Hollywood
Reporter, 2013, Pg. 4)
When
working on your business plan please highlight as many of your agreeable
traits, as well as interest that show your leadership ability in your
enterprise and your industry.
4.)
Good Exit Strategy/Great Continued Partnership.
When
George Lucas left Lucasfilms to Kathleen Kennedy in 2012, with Lucas being an
occasional consultant, this demonstrated a thorough exit plan that George Lucas
concocted for his company, and showed that he was leaving his life’s work in
capable hands. Kathleen Kennedy greatly understood the weight and
responsibility of obtaining Lucasfilms. The fact that George Lucas put a
capable, responsible, and personable co-chair that was adamant about protecting
the integrity of Lucasfilms, demonstrates a dynamic exit strategy for a
business plan. The lesson from this example is to include an amazing summation
of the person or persons that you would like to take over your company, in the
event of your absence. Although George Lucas no longer works with his company in
a hands on manner, I am sure that the investors/partners in his company were
not afraid of the leadership change, because they understood that Kathleen is
committed to keeping George’s film legacy alive with quality storytelling and
profitability. Write the exit strategy and make it plan.
The Man with
the Heart and Wallet Made of Gold- The Banking Mastermind- Muhammad Yunus.
According to the Grameen
Bank website Dr. Muhammad Yunus was born on June 28th, 1940 in the
busiest part of Eastern Bengal. His father was a well off goldsmith who
encouraged higher education, and his mother was a stay at home mom who fed the
poor. Both of his parents sparked the necessary inspiration for his
business. Throughout Muhammad’s travels
in his country during the 70’s, he visited poor and disenfranchised areas with
his economic students. It was doing this time that Muhammad Yunus was inspired
and began laying the foundations for Grameen Bank. The philosophy of the
institution, which was officially formed in 1983, is banking “founded on
principles of trust and solidarity, to create the spark of personal initiative
and enterprise necessary to pull people out of poverty.” (Yunus, Biography)
Muhammad
Yunus’ expertise in banking teaches us that potential investors look for the
following in business plans:
5.)
Profitable Innovation and an Understanding of your Target Market.
Grameen
Bank is an institution that gives micro-loans to entrepreneurs and small
businesses, with the overarching goal of helping people escape poverty. This
business model of giving small amounts of money to poor people, in hopes that
they pay it back would sound risky to most investors. However, Muhammad Yunus
was able to describe, illustrate, and ultimately convince individuals reviewing
his business plan, that having faith and investing in people’s potential gives
an added value to their loan. This added value of belief in people’s abilities
also makes them want to repay their loans with earnest dedication. Yunus
business model and business plan demonstrates that he had conducted an ample
amount of qualitative research to show that his business model would be
successful amongst his target market.
6.)
Commitment to a Greater Good.
Profitability
in business is important, but aside from making money, investors want to see
how your business plan fits in the grand scheme of bettering our world not just
economically but on an intrinsic level as well. Though Grameen Bank was a risky
business proposition, but Muhammad Yunus was able to paint a clear portrait of
how this business accomplished the goals previously listed. Ideally a
well-rounded business model should do both, and perhaps the commitment to
accomplishing economic success and improving humanity shows why this banking
system is the most successful in the world.
Thank
you so much for reading this post. See you next time!
Sources:
Hollywood
Reporter. Retrieved from http://www.hollywoodreporter.com/news/lucasfilms-kathleen-kennedy-star-wars-416303?page=4
Entertainment
Weekly’s “The 50 Smartest People in Hollywood” in 2007. Retrieved from
Grameen Bank. Retrieved
from http://www.grameen-info.org/index.php?option=com_content&task=view&id=330&Itemid=364
Grameen Bank. Biography
Page. Retrieved from http://www.grameen-info.org/index.php?option=com_content&task=view&id=329&Itemid=363
